NovoCure, a commercial-stage oncology company developing monotherapy treatments for glioblastoma brain cancer, filed on Monday with the SEC to raise up to $300 million in an initial public offering.
The product was developed by Prof. Yoram Palti from the Technion Israel Institute of Technology and includes a helmet that broadcasts electric fields from electrodes placed on the scalp. The treatment requires patients to wear the helmet most of the day as these fields disrupt cell multiplication, and can therefore halt or slow a tumor’s development non-invasively in a painlessly menner .
Things has been running fast lately. In November 2014, the company had an early Phase III trial halt for efficacy for its Optune in combination with chemotherapy for patients with newly diagnosed glioblastoma.
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Six months later, In April, it submitted a PMA application for the device as a first-line treatment; it has been FDA-approved since 2011 for its use as a monotherapy on glioblastoma recurrence after chemotherapy.
Just a month later, in May, the application gained priority review status –meaning an FDA decision could come before year end.
The company has raised $473 million to date, and had $106 million in cash as of the end of June.
The Jersey-based company, which was founded in 2000 and booked $20 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol NVCR. J.P. Morgan, Deutsche Bank and Evercore Partners are the joint bookrunners on the deal. No pricing terms were disclosed.
The article Brain games: NovoCure files for a $300 million IPO originally appeared on IPO investment manager Renaissance Capital‘s web site .
